Page 17 - Personal Underwriting Mandates & Guidelines - Binder - Version 3

General
○ There may be some very specific examples for broker agreed products or schemes where we cannot give exactly the same terms to other brokers. These will, however, be very rare occurrences and we will do our best to give fair terms on a case-by-case basis.
○ No area of Hollard or entity representing Hollard should quote on business that is already with Hollard. Our current terms will stand and we should accept the risk through another channel only on receipt of a signed broker’s appointment and at the same terms.
○ When full binder brokers quote on new business, they have a responsibility to check if the business is with Hollard and should decline to quote on business already with Hollard.
○ If two binder brokers accidentally quote on the same new business, we will ultimately agree the same terms for both binder brokers unless there is a specific scheme or product that has been exclusively agreed by Hollard.
○ If any binder broker quotes on business that is out of mandate or on a risk that is not acceptable, then this quote must be withdrawn.
○ If a quote is issued in error on business that is already with Hollard, this quote must be withdrawn and the original Hollard terms must stand.
○ When multiple quotes are sourced through different channels, Hollard will use the first quote sent out to the market as the terms that we will give and subsequent quotes must be retracted, unless the channels involved are happy to agree the cheapest terms or another solution that is satisfactory to all channels.
○ The overriding guiding principle when dealing with disagreements relating to agreeing a distribution channel will be – what is best for Hollard and this will be decided by the regional managers following consideration of the facts.
Further points to consider when quoting:
○ Avoid giving the same insured multiple quotes.
○ Determine when cover starts and if proper and full disclosure was made at the time of the quote.
○ A proposal form is an audit trail of historical information of the prospective insured and must therefore be completed as accurately as possible and stored for future retrieval.
○ Written/voice-logged quotes are valid for 30 days from the date of the quote.
○ All underwriting questions must be answered in full.
Note: Liability is not accepted at quote stage. Book take-overs
All book take-overs must be agreed by Hollard in writing.
The following guidelines apply and each portfolio will be reviewed on its own merit:
○ 3-year GWP and loss ratio stats split by motor/non-motor/commercial/personal must be provided for further analysis
○ detail of any actions taken to correct poor performing books
○ current policy wording, endorsements, excess and limits applicable.
16 Personal Underwriting Mandates & Guidelines – Binder – Version 3